Minister of Business, Funding and Commerce Aubyn Hill appears on as Sagicor President & CEO Christopher Zacca (centre) and JMEA President Sydney Thwaites ink a memorandum of understanding (MoU) on February 25 to start the beginning of a bunch insurance coverage scheme between JMEA and Sagicor Life Jamaica.
In a transfer geared toward bringing group well being advantages to small and medium sized enterprises (SMEs) and contract employees unfold throughout its membership, the Jamaica Producers and Exporters Affiliation (JMEA) has partnered with the Sagicor Group on a brand new insurance coverage scheme which seeks to boost the expansion and monetary well-being of gamers working throughout the island’s productive sector.
Following the signing of a memorandum of understanding (MOU) on Tuesday, the JMEA, which represents the curiosity of greater than 570 members, welcomed the partnership on this complete group scheme and the unlocking of some enterprise improvement sources and its accompanying monetary academic programmes, as the beginning of a lot wanted initiatives tailor-made to fulfill the wants of the manufacturing and exporting sectors.
“For 2 years now we have now been taking a look at this plan and it offered essentially the most complete worth that we expect our members can profit from. It’s actually for the underserved, as plenty of the bigger corporations have already got group well being plans for essential sickness, and so on, so this newest effort on our half is to plug a niche we’ve discovered the place a lot of our SMEs aren’t offering protection for his or her employees. Contract employees are additionally one other set we’ve discovered among the many wider group accessing little or no advantages and thru this partnership we wish to repair that. By this scheme we’re subsequently concentrating on these teams who at present don’t have medical health insurance and likewise these smaller corporations that can’t get a bunch plan on their very own,” stated JMEA Government Director Kamesha Blake, talking with the Jamaica Observer forward of the official signing.
With about 25 per cent of the JMEA’s membership stated to be made up of SMEs, she stated this quantity, when added to the variety of contract employees employed by bigger corporations, sees about 300 entities being focused below the brand new scheme.
“Primarily based on these estimates, we’re subsequently hoping {that a} good 20,000-30,000 employees from these groupings could be coated below the plan,” the manager director said.
Pointing to worldwide greatest practices which information respectable work requirements, she stated the newest transfer usually goals to push extra corporations into offering sure vital advantages for employees. Having realised gaps on this space at nation stage and likewise throughout the JMEA’s membership, Blake stated the scheme goals to deliver 1000’s of employees employed by member corporations below some safety.
“In manufacturing we have now over 85,000 individuals employed whether or not as manufacturing unit flooring employees all the way in which as much as large government positions, and so with this new scheme, we wish to make sure that everyone can have entry to well being and different advantages. We wish to encourage our staff to grow to be financially steady and we’ve discovered that insurance policies like these do assist to boost the work surroundings, as, when individuals have some quantity of safety, they’re typically higher capable of concentrate on the job. We additionally hope that it’ll assist to spice up productiveness, as, accessing issues like a well being coverage, will permit employees in occasions of sickness to hunt the suitable medical care in order that they are often again on the job inside an affordable time,” Blake stated.
In selecting to companion with Sagicor which it regards as a long-standing insurance coverage supplier for the sector, the brand new scheme, Blake stated, is predicted to supply well being, life and different types of protection for JMEA members. Outlined in its areas of assist are a spread of SME shopper providers to be made out there by the useful resource centre of the monetary conglomerate’s Sagicor Financial institution subsidiary. The Group, as a part of the settlement, can also be anticipated to ship talks about monetary health to the workers of JMEA members because it gives sponsorship for a number of the entity’s flagship occasions, together with its biennial Expo Jamaica tradeshow and annual producers and exporters awards ceremony.
“Sagicor Group Jamaica Restricted is deepening its dedication to Jamaica’s manufacturing and exporting sectors by this strategic partnership with the JMEA. This collaboration will present essential monetary options and enterprise assist to JMEA members, enhancing their progress and long-term sustainability,” Sagicor stated.
The JMEA, in pushing to deliver extra options to the sector, will within the subsequent few weeks by the internet hosting of its a lot anticipated Expo Jamaica tradeshow, set to happen April 3-6, additional search to deliver elevated alternatives for members.
“We’ve got 363 cubicles to be crammed — 98 per cent of that are already sold-out — and we’re concentrating on over 700 patrons from the world over, 575 of which we’ve thus far confirmed,” Blake advised the Enterprise Observer.
“By different occasions together with Manufacture 360, our ordinary manufacturing unit excursions and a few extra initiatives, the JMEA as a physique continues to do our advocacy work,” she added.
The manager director, additional commenting on the Planning Institute of Jamaica’s (PIOJ’s) estimated 3.2 per cent contraction of the manufacturing sector over the past quarter of 2024, stated that steps at the moment are being taken to extend output.
“Final 12 months was a tough 12 months for producers as most operations confronted disruption to provide chains and different logistics points, from which some proceed to undergo. Throughout the home market, we additionally proceed to name on the banks and our monetary companions to cut back the rate of interest.
“Regardless of these and different challenges, as an vital trade we proceed to do our half in rising productiveness and, as seen by the efforts of our agriculture companions who’re replanting, we additionally hope to strengthen our agro-processing and export efforts this 12 months,” Blake stated.
